PORT NICHOLSON MINING INVESTMENT COMPANY.

New Zealand Mail, Issue 55, 10 February 1872, Page 6

PORT NICHOLSON MINING INVESTMENT COMPANY.

The half yearly meeting of the Port Nicholson Mining and Investment Company, which had been adjourned from Monday in consequence of the absence of a quorum, was held on Tuesday night in the company's rooms, Hunter street. About thirty-five shareholders were present, and Dr Johnson was in the chair. The meeting was opened by the reading of the minutes of the last general meet'ng, which were confirmed. The secretary, Mr Davis, then read the report of the company's operations for the half-year ending 31st December last, vhich showed that the company had invested to that date £4253 13s, but this amount would be increased by £ICC3 should the capital of the mines in which the company had invested be called up. The report further stated that all the mines in which the company held shares were now in good working order, and also that 15 percent of the paid-up capital had been divided amongst the shareholders during the half year. Although the tenor of the news recently received from the Thames was not of an encouraging kind, the directors entertained no doubt of the paying prospects of the mines in which they held shares, the depression being considered as only of a temporary character. A list attached to the report showed the shares held by the company to be—Thames, 50 ; Imperial Crown, 6; Moanatairi, 30 ; Long Drive, 18 ; Una, 316 ; Kuranui, 130; Inverness, 526; Albion, 83 ; Junction, 200; Golden Calf, 35 ; and Otago, 26. The report was adopted on the motion of Mr Schultze, seconded by Mr Pagan. There being no dividend announced, Mr Everest asked whether it was a fact that the money which should have been employed m the payment of a dividend had been used to pay calls. —The Chairman replied that the money had been temporarily employed in the manner spoken of by Mr Everest, but had been replaced as soon as possible.—Mv Everest suggested that the meeting should be adjourned for the purpose of enabHng the shareholders to study the balance sheet, but the proposition was not seconded, and it consequently fell to the ground.—Mr Clarke thought the company should take advantage of the present low price of Thames Company's shares and purchase a quantity, for which purpose he recommended that a call should be made to enable the directors to take advantage of the market. —The Chairman replied that the directors were always anxious to act in the manner most advantageous to the interests of the

company, and would be willing to take the course suggested by Mr Clarke if they saw their way to a market after purchasing, but they were so far removed from the likelihood of being able to take advantage of any sudden turn of a "favorable character that they did not think it advisable to purchase heavily with a view to re-sile. —Mr Harrison opposed the idea of entering upon " any further investment ©f the kind suggested by Mr Clarke, for the reason of the success of the Thames mine depended upon the success of the Caledonian, and as the latter was on the wane just now it would be injudicious to speculate any further. The matter was put to tbe meeting by the Chairman, and the votes being found to be very equal the matter was not proceeded with. A vote of thanks was passed to the directors, and the meeting broke up.